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FxWirePro: EUR/AUD steadies around 1.6255, retains bid tone

• EUR/ AUD rose  higher on Wednesday   as   bullish retained control ahead of upcoming ahead to the ECB interest rate decision  .

• The ECB is anticipated to keep rates unchanged in July, awaiting more data to confirm the return of inflation to target.

• President Lagarde is expected to emphasize that the ECB will remain data-dependent, evaluating the situation on a meeting-by-meeting basis without committing to a specific rate path.

• Technically, the moving averages are indicating a uptrend trend, while the Relative Strength Index (RSI) is strongly bullish at 70.

• Immediate resistance is located at 1.6297(23.6%fib), any close above will push the pair towards 1.6333 (June 11th high).

• Strong support is seen at 1.6243(38.2%fib) and break below could take the pair towards 1.6195(50% fib ).

Recommendation: Good to buy around 1.6240 with stop loss of 1.6130 and target price of 1.6300
 

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